Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.11%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.29%
baseline attrition
Rally response
-5.56%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LRCXLam Research Corporation | $276M | 13.1% | +196.1% | 1.8 yr |
| NVDANVIDIA Corporation | $275M | 13.1% | +60.9% | 5.0 yr |
| MSIMotorola Solutions, Inc. | $165M | 7.9% | +0.2% | 0.5 yr |
| LITELumentum Holdings Inc. | $149M | 7.1% | +1027.3% | 0.5 yr |
| TSMTaiwan Semiconductor Man | $138M | 6.6% | +105.6% | 1.8 yr |
| AVGOBroadcom Inc. | $136M | 6.5% | +86.0% | 2.0 yr |
| VRTVertiv Holdings Co | $114M | 5.4% | +247.5% | 1.8 yr |
| HONHoneywell International | $97M | 4.6% | +9.0% | 0.5 yr |
| NEMNewmont Corporation | $83M | 3.9% | +127.1% | 0.8 yr |
| LLYEli Lilly and Company | $81M | 3.9% | +12.2% | 0.5 yr |
| SNDKSandisk Corporation | $73M | 3.5% | +1234.5% | 0.3 yr |
| APPAppLovin Corporation | $59M | 2.8% | +50.2% | 0.8 yr |
| UBERUber Technologies, Inc. | $56M | 2.7% | -1.3% | 1.0 yr |
| IBKRInteractive Brokers Grou | $48M | 2.3% | +62.8% | 0.8 yr |
| RGENRepligen Corporation | $48M | 2.3% | -7.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors39.2%+1.0pp$825M
Communication Equipment14.9%$314M
Software - Application7.1%$149M
Electrical Equipment & Parts5.4%+1.2pp$114M
Conglomerates4.6%$97M
Gold3.9%$83M
Drug Manufacturers - General3.9%$81M
Hardware, Equipment & Parts3.5%$73M
Investment - Banking & Investment Services2.3%$48M
Medical - Instruments & Supplies2.3%$48M
Country
US91.3%+2.9pp
TW6.6%+0.3pp
SG1.4%
Unknown0.7%-4.6pp
Top 5: 47.7% · Top 10: 72.0% · Top 25: 99.9%
Top buys this quarter · 15
| MSI Motorola Solutions, Inc. | +$135M |
| SNDK Sandisk Corporationnew | +$73M |
| HON Honeywell International Inc. | +$59M |
| LITE Lumentum Holdings Inc. | +$51M |
| WM Waste Management, Inc.new | +$47M |
| NVDA NVIDIA Corporation | +$44M |
| QXO QXO, Inc.new | +$36M |
| FICO Fair Isaac Corporationnew | +$34M |
| LLY Eli Lilly and Company | +$28M |
| AVGO Broadcom Inc. | +$26M |
Top sells this quarter · 14
| VRT Vertiv Holdings Co | −$111M |
| PM Philip Morris International In | −$47M |
| NEM Newmont Corporation | −$30M |
| LRCX Lam Research Corporation | −$244M |
| STX Seagate Technology Holdings pl | −$28M |
| APO Apollo Global Management, Inc. | −$28M |
| ARES Ares Management Corporation | −$26M |
| MRP Millrose Properties, Inc.exit | −$23M |
| UBER Uber Technologies, Inc. | −$21M |
| COF Capital One Financial Corporatexit | −$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.10B | 26 | +66.56% | +17.59% | +48.97% | +0.04B |
| 2025-12-31 | $1.95B | 24 | +43.95% | +17.72% | +26.23% | +0.02B |
| 2025-09-30 | $1.81B | 23 | +42.68% | +17.52% | +25.16% | +0.05B |
| 2025-06-30 | $1.53B | 20 | +24.21% | +14.94% | +9.27% | -0.05B |
| 2025-03-31 | $1.24B | 21 | +0.07% | +8.30% | -8.23% | +0.00B |
| 2024-12-31 | $1.35B | 19 | +20.50% | +24.89% | -4.38% | -0.01B |
| 2024-09-30 | $1.28B | 20 | +30.94% | +36.04% | -5.10% | +0.24B |
| 2024-06-30 | $1.04B | 18 | +29.12% | +24.49% | +4.62% | +0.06B |
| 2024-03-31 | $947M | 16 | +35.94% | +29.62% | +6.32% | +0.09B |
| 2023-12-31 | $780M | 17 | +31.06% | +26.18% | +4.89% | +0.07B |
| 2023-09-30 | $621M | 16 | +22.30% | +21.57% | +0.73% | -0.02B |
| 2023-06-30 | $651M | 14 | +18.32% | +19.42% | -1.11% | -0.01B |
| 2023-03-31 | $605M | 16 | -12.73% | -7.82% | -4.91% | -0.02B |
| 2022-12-31 | $587M | 16 | +7.05% | +7.56% | -0.51% | -0.01B |
| 2022-09-30 | $559M | 16 | -4.26% | -4.93% | +0.67% | -0.09B |
| 2022-06-30 | $679M | 16 | -19.85% | -16.11% | -3.74% | -0.15B |